山煤国际能源集团股份有限公司 第八届监事会第十三次会议决议公告 一、审议通过《关于 2025 年度日常关联交易预计的议案》 证券代码：600546 证券简称:山煤国际 公告编号：临 2025-004 号 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 山煤国际能源集团股份有限公司（以下简称"公司"）第八届监事会第十三 次会议（以下简称"本次会议"）通知于 2025 年 1 月 14 日以送达、邮件形式向 公司全体监事发出，本次会议于 2025 年 1 月 24 日在太原市小店区晋阳街 162 号三层会议室以现场方式召开。本次会议应到监事 7 人，实到监事 7 人。会议的 召集、召开及表决程序符合《中华人民共和国公司法》及《公司章程》的规定。 本次会议由公司监事会主席钟晓强先生主持，经与会监事认真审议，形成监事会 决议如下： 特此公告。 山煤国际能源集团股份有限公司 监事会 2025 年 1 月 24 日 1 本次日常关联交易的预计是基于公司正常生产经营需要，符合公司和全体股 东利益。公司与关联方发生的日常关联交易定价公平、合理 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 2 月 11 日 15 点 00 分 召开地点：太原市小店区晋阳街 162 号三层会议室 (五) 网络投票的系统、起止日期和投票时间。 证券代码：600546 证券简称：山煤国际 公告编号：临 2025-006 号 山煤国际能源集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 股东大会召开日期：2025年2月11日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 2 月 11 日 至 2025 年 2 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 ...

山煤国际能源集团股份有限公司 第八届董事会第三十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600546 证券简称:山煤国际 公告编号：临 2025-003 号 二、审议通过《关于召开公司 2025 年第一次临时股东大会的议案》 公司定于 2025 年 2 月 11 日（星期二）以现场投票和网络投票相结合的方式 召开公司 2025 年第一次临时股东大会，审议董事会提交的相关议案。 山煤国际能源集团股份有限公司（以下简称"公司"）第八届董事会第三十 次会议（以下简称"本次会议"）通知于2025年1月14日以送达、邮件形式向公 司全体董事发出，本次会议于2025年1月24日在太原市小店区晋阳街162号三层会 议室以现场方式召开。本次会议应到董事11人，实到董事11人。会议的召集、召 开及表决程序符合《中华人民共和国公司法》及《公司章程》的规定。本次会议 由公司董事长孟君先生主持，公司监事及高级管理人员列席了本次会议，经与会 董事认真审议，形成董事会决议如下： 一、审议通过《关于 2025 年度日常关联 ...

山煤国际 20241128 摘要 • 山煤国际凭借低单位成本(2023 年三季度约 268 元/吨)在同行业中具有显 著优势，这与其高效的员工配置(约 1.4-1.5 万人)和严格的成本控制措施 有关。 • 公司承诺未来三年分红率不低于 60%，并有良好的分红执行记录(2021 年 62%，2022 年 63%)，体现了其对股东的回报承诺。 • 2024 年山煤国际预计产量将较 2023 年增加 100-150 万吨，达到 3,680 万 吨左右，但受政策影响，增幅有限。 • 动力煤价格在保供政策支撑下相对稳定(约 830 元/吨)，而炼焦煤价格受 下游需求和国家经济政策影响较大，存在一定的不确定性。 • 公司贸易煤毛利率(约 3%)高于行业平均水平(约 2%)，这得益于其丰富的 贸易经验、对市场行情的精准把握以及良好的客户关系。 • 山煤国际计划降低长协煤比例，但受国家政策影响，其自主选择空间有限， 未来市场煤占比存在一定的不确定性。 • 公司成本控制目标逐年下降，并通过精益化管理、作业成本法等措施持续 优化成本结构，以保障盈利能力。 Q&A 山煤国际在成本控制方面有哪些优势？ 山煤国际的成本优势主要体现在 ...

首先麻烦陈总跟我们介绍一下就是因为四季度现在已经快过去两个月了嘛就麻烦您能不能先介绍一下这样一个经营的大致一个情况呀感谢陈总先这样吧我先大概先介绍一下我们第三季度的情况然后把里面的卓越我给拆分的给大家分析一下 就是我们公司在第三季度在第三季度的原为产量是912万寸那么就是比第二季度786增加了大概130万寸那么销量的话第三季度是690万寸那么这里面其中这个动力煤是销售了432万寸然后冶金煤销售了258万寸 那么整体上这个售价情况那么就是第三季度整体均价是660元每吨那么其中动力煤是466然后野心煤是984那么环体来看的话就是从售价就是销量比二季度要好一些但是售价又稍微低一些所以整体上是一个持平的这个状态 那么进一步的话因为大家都知道我们这个第三季的情况那么华人比还是有一定的这个涨幅所以从整体来看的话那么我们的公司从去年一季度处于一个欠产的状态到二季度不断的恢复再到三季度整体上我们已经达到了一个比较均衡的一个水平 那么卓越来看的话其实从九月份啊特别是九月份开始应该是从七月份其实基本上就稳定了那么到九月份的话三月来看的话那么我们月度产量已经达到了一个三百四十三百一十四万吨的那个水平也就是基本上达到了这个就很产能的 ...

山煤国际能源集团股份有限公司（以下简称"公司"或"山煤国际"）于 2023 年 10 月 28 日在《上海证券报》《证券日报》及上海证券交易所网站 （http://www.sse.com.cn）披露的《山煤国际能源集团股份有限公司关于子公 司涉及诉讼公告》（临 2023-043 号），对汇永控股集团有限公司诉公司控股子公 司山西煤炭进出口集团左云长春兴煤业有限公司（以下简称"长春兴煤业"）合 同纠纷案进行了披露，并于 2024 年 5 月 18 日公告的《山煤国际能源集团股份有 限公司关于子公司涉及诉讼进展公告》（临 2024-020 号）披露了上述案件的一审 判决结果。长春兴煤业和汇永控股集团有限公司均对一审判决结果不服，已向山 西省高级人民法院提起上诉。 近日，长春兴煤业收到山西省高级人民法院对该案件出具的民事判决书，现 将该案件诉讼结果公告如下： 一、案件基本情况 上诉人（原审原告、反诉被告）：汇永控股集团有限公司，住所地：北京市 海淀区香山南路 55 号 10 号楼； 被上诉人（原审被告、反诉原告）：山西煤炭进出口集团左云长春兴煤业有 限公司，住所地：大同市左云县酸茨河村南。 证券代码：600546 ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Coal International Energy Group (600546 SH) [1][8] Core Views - The company's coal production and sales volume increased QoQ in Q3 2024, with effective cost control measures [1][3] - Self-produced coal business showed improved profitability in Q3 2024, with tonnage gross profit increasing 10 22% YoY [3] - Coal trading business demonstrated growth in Q3 2024, with trading volume increasing 9 99% YoY and tonnage gross profit improving 61 72% QoQ [4][7] Financial Performance Revenue and Profit - Q3 2024 revenue reached 7 908 billion yuan, up 2 68% QoQ but down 3 84% YoY [2] - Net profit attributable to shareholders in Q3 2024 was 791 million yuan, increasing 11 82% QoQ but decreasing 13 56% YoY [2] - 2024E revenue is projected at 30 147 billion yuan, with net profit attributable to shareholders expected to be 2 784 billion yuan [1] Production and Sales - Self-produced coal output in Q3 2024 reached 9 1218 million tons, up 15 96% QoQ and 1 81% YoY [3] - Self-produced coal sales volume in Q3 2024 was 6 9033 million tons, increasing 6 93% QoQ but decreasing 8 85% YoY [3] - Coal trading volume in Q3 2024 reached 5 3758 million tons, up 5 82% QoQ and 9 99% YoY [4][7] Cost and Pricing - Average selling price of self-produced coal in Q3 2024 was 660 30 yuan/ton, down 6 46% QoQ but up 3 08% YoY [3] - Average cost of self-produced coal in Q3 2024 was 268 33 yuan/ton, decreasing 12 23% QoQ and 5 83% YoY [3] - Gross profit per ton of self-produced coal in Q3 2024 reached 391 97 yuan/ton, up 10 22% YoY [3] Valuation Metrics - 2024E P/E ratio is projected at 9 6x, with P/B ratio at 1 5x [1] - 2024E EPS is forecasted at 1 40 yuan, increasing to 1 64 yuan by 2026E [1][8] - ROE is expected to be 17 1% in 2024E, gradually decreasing to 16 8% by 2026E [1] Industry and Market Position - The company has established a diversified coal production base, including thermal coal, coking coal, and anthracite [8] - The company maintains a nationwide coal trading network with significant regional and market advantages [8] - The company implements a cost leadership strategy, maintaining industry-leading cost control levels [8] Future Projections - Revenue is expected to grow from 30 147 billion yuan in 2024E to 32 655 billion yuan in 2026E [1][8] - Net profit attributable to shareholders is projected to increase from 2 784 billion yuan in 2024E to 3 259 billion yuan in 2026E [1][8] - The company's EPS is forecasted to grow from 1 40 yuan in 2024E to 1 64 yuan in 2026E [1][8]

Investment Rating - The report maintains an "Outperform" rating for Shanxi Coal International Energy Group (600546) [2] Core Views - The company's Q3 2024 production has significantly recovered, with net profit attributable to parent company increasing by 12% QoQ [3] - The company's self-produced coal business saw a 16% increase in production and a 7% increase in sales volume QoQ in Q3 2024, with a 7% decrease in comprehensive selling price and a 12% decrease in cost QoQ [4] - The company's coal trading business maintained a gross margin of around 3% in Q3 2024, with a 6% increase in trading volume QoQ [5] - The company is expected to achieve a dividend payout ratio of 60% in 2024, with a dividend yield of 7.4% [5] Financial Performance - The company's revenue for the first three quarters of 2024 was 21.96 billion yuan, a year-on-year decrease of 24%, and net profit attributable to the parent company was 2.08 billion yuan, a year-on-year decrease of 47.9% [3] - In Q3 2024, the company's net profit attributable to the parent company was 791 million yuan, a year-on-year decrease of 13.6% and a quarter-on-quarter increase of 11.8% [3] - The company's self-produced coal business generated a gross profit of 7.22 billion yuan in the first three quarters of 2024, a year-on-year decrease of 37%, with a gross profit of 2.71 billion yuan in Q3 2024, a year-on-year increase of 0.5% and a quarter-on-quarter increase of 4.7% [4] Business Segments - The company's self-produced coal output in the first three quarters of 2024 was 24.5 million tons, a year-on-year decrease of 18.7%, with a sales volume of 18.82 million tons, a year-on-year decrease of 16% [4] - The company's coal trading sales volume in the first three quarters of 2024 was 14.29 million tons, a year-on-year increase of 14.7%, with a sales volume of 5.38 million tons in Q3 2024, a year-on-year increase of 10% and a quarter-on-quarter increase of 5.8% [5] Valuation and Forecast - The company's net profit attributable to the parent company is expected to be 2.81 billion yuan in 2024, 3.10 billion yuan in 2025, and 2.96 billion yuan in 2026, with EPS of 1.42 yuan, 1.56 yuan, and 1.49 yuan respectively [6] - The report gives the company a PE ratio of 10-11 times for 2024, corresponding to a reasonable value range of 14.19-15.61 yuan [6] Industry Comparison - The average PE ratio for comparable companies in the industry is 9.6 times for 2024, 8.9 times for 2025, and 8.5 times for 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's production and sales have improved while costs have decreased, leading to a quarter-on-quarter growth in Q3 performance [1][3] - The company is expected to face a decline in revenue and profit margins in the coming years, with projected revenues of 336.70 billion, 321.64 billion, and 309.69 billion for 2024, 2025, and 2026 respectively [3][4] - The report indicates that the coal business has seen a decrease in revenue but has managed to maintain a growth trend in production and sales volume [3] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 79.08 billion, a year-on-year decrease of 3.84% but a quarter-on-quarter increase of 2.68% [1] - The net profit attributable to the parent company for Q3 was 7.91 billion, down 14.40% year-on-year but up 11.82% quarter-on-quarter [1] - The average coal price in Q3 was 633 yuan/ton, reflecting a year-on-year decrease of 2.25% and a quarter-on-quarter decrease of 3.33% [3] Production and Sales - The coal production for the first three quarters of 2024 was 24.5 million tons, a year-on-year decrease of 18.72%, while sales volume was 33.11 million tons, down 15.99% [3] - In Q3 2024, coal production was 9.12 million tons, showing a year-on-year increase of 1.81% and a quarter-on-quarter increase of 15.96% [3] Cost and Profitability - The average unit cost in Q3 was 404 yuan/ton, a year-on-year decrease of 3.70% and a quarter-on-quarter decrease of 5.05% [3] - The gross profit margin for the company is projected to be 39.1% in 2023, decreasing to 33.6% in 2024 [4] Earnings Forecast - The forecast for earnings per share (EPS) is 1.50, 1.63, and 1.74 yuan for 2024, 2025, and 2026 respectively [3][4] - The price-to-earnings (P/E) ratio is expected to be 8.9X, 8.2X, and 7.7X for the years 2024, 2025, and 2026 [3]

证券代码：600546 证券简称：山煤国际 编号：2024-002 山煤国际能源集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...